LEGISLATIVE FISCAL ESTIMATE
ASSEMBLY, No. 5606
STATE OF NEW JERSEY
220th LEGISLATURE
DATED: JUNE 23, 2023
SUMMARY
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Synopsis: |
Appropriates unexpended funds from “1999 Statewide Transportation and Local Bridge Fund.” |
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Type of Impact: |
State expenditure increase; Local revenue increase. |
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Agencies Affected: |
Department of Transportation; Counties and Municipalities. |
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Office of Legislative Services Estimate |
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Fiscal Impact |
FY 2024 through FY 2025 |
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State Expenditure Increase |
$3.98 million |
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Local Revenue Increase |
Up to $3.98 million |
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· The Office of Legislative Services (OLS) concludes that this bill will result in increased expenditures for the State associated with the appropriation of monies to the Department of Transportation for certain bridge rehabilitation projects. Additionally, the OLS anticipates a potential increase in local revenues associated with grants awarded to counties and municipalities to offset the cost of rehabilitating and improving structurally deficient bridges.
· This bill would reappropriate $3.98 million in unexpended funds to the department. However, the OLS is unable to determine the portion of this amount that will be made available to counties and municipalities in the form of grants.
· The Statewide Transportation and Local Bridge Bond Act of 1999 authorized the issuance of bonds in the total amount of $500 million for the purpose of rehabilitating and improving the State transportation system, including bridges. The act, and subsequent legislation, made available $250 million to the department to finance transportation projects. Of this amount, approximately $3 million remains unexpended. Additionally, the act, and subsequent legislation, made available $250 million to the department to distribute to counties and municipalities as grants to support the cost of rehabilitating and improving structurally deficient bridges. Of this amount, approximately $980,903 remains unexpended.
BILL DESCRIPTION
This bill reappropriates unexpended funds from the Statewide Transportation and Local Bridge Bond Act of 1999 to the department that were originally appropriated for the purpose of: (1) financing the cost of transportation projects; and (2) providing grants to county and municipal governments to rehabilitate and improve certain structurally deficient bridges.
Notably, the bill requires the department to administer the reappropriated funds to rehabilitate and improve certain structurally deficient bridges within the counties to which the funds were previously appropriated.
Additionally, the bill provides that the funds appropriated to rehabilitate and improve certain structurally deficient bridges that are not expended or obligated within two years of the bill’s effective date will be consolidated into a single account and redistributed to each county based on a formula established by the department. Under the bill, funds that have not been obligated but are required to complete a project under development are subject to consolidation and redistribution.
FISCAL ANALYSIS
EXECUTIVE BRANCH
None received.
OFFICE OF LEGISLATIVE SERVICES
The OLS concludes that this bill will result in increased expenditures for the State associated with the appropriation of monies to the Department of Transportation for certain bridge rehabilitation projects. Additionally, the OLS anticipates a potential increase in local revenues associated with grants awarded to counties and municipalities to offset the cost of rehabilitating and improving structurally deficient bridges.
The Statewide Transportation and Local Bridge Bond Act of 1999 authorized the issuance of bonds in the total amount of $500 million for the purpose of rehabilitating and improving the State transportation system, including bridges. The act, and subsequent legislation, made available $250 million to the department to finance transportation projects. Of this amount, approximately $3 million remains unexpended. Additionally, the act, and subsequent legislation, made available $250 million to the department to distribute to counties and municipalities as grants to support the cost of rehabilitating and improving structurally deficient bridges. Of this amount, approximately $980,903 remains unexpended. This bill would reappropriate an additional $3.98 million in funds to the department. However, the OLS is unable to determine the portion of this amount that will be made available to counties and municipalities in the form of grants.
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Section: |
Authorities, Utilities, Transportation and Communications |
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Analyst: |
Assistant Fiscal Analyst |
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Approved: |
Thomas Koenig Legislative Budget and Finance Officer |
This legislative fiscal estimate has been produced by the Office of Legislative Services due to the failure of the Executive Branch to respond to our request for a fiscal note.
This fiscal estimate has been prepared pursuant to P.L.1980, c.67 (C.52:13B-6 et seq.).